Steelcase (NYSE:SCS) Stock Price Down 3.7% – Time to Sell?

Steelcase Inc. (NYSE:SCS)’s share price dropped 3.7% on Friday . The company traded as low as $11.81 and last traded at $11.86. Approximately 172,255 shares traded hands during trading, a decline of 74% from the average daily volume of 666,675 shares. The stock had previously closed at $12.32.

Analyst Ratings Changes

Separately, Noble Financial assumed coverage on Steelcase in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective on the stock.

Steelcase Trading Down 4.7 %

The company has a market capitalization of $1.34 billion, a P/E ratio of 11.08, a PEG ratio of 1.29 and a beta of 1.35. The business has a fifty day moving average of $13.00 and a 200-day moving average of $13.15. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is presently 37.74%.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the transaction, the vice president now directly owns 119,481 shares in the company, valued at approximately $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Steelcase

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pzena Investment Management LLC lifted its holdings in Steelcase by 0.5% during the second quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock worth $91,921,000 after acquiring an additional 33,024 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Steelcase by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after buying an additional 215,729 shares during the last quarter. Cooke & Bieler LP increased its holdings in Steelcase by 4.9% during the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after buying an additional 186,596 shares during the last quarter. American Century Companies Inc. grew its position in shares of Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after acquiring an additional 291,070 shares during the period. Finally, State Street Corp raised its holdings in shares of Steelcase by 1.0% in the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock worth $30,714,000 after purchasing an additional 22,226 shares during the period. Hedge funds and other institutional investors own 92.42% of the company’s stock.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.